Mutharika asks Russia to lead in meaningful investment: Malawi leader says Russia should do what history has failed
President Arthur Peter Mutharika has asked Russia to take lead in making meaningful investments in African countries including Malawi and take them as development partners and not targets for exploitation.
Mutharika was speaking Thursday in Sochi, Russia when he addressed a plenary session of the first ever Russia-Africa Summit.
He said Malawi and other African countries are endowed with rich natural resources such as minerals, lakes, rivers and mountains which form great investment potential.
Mutharika, therefore, said time had come “for Russia to do what history has failed. Time has come to set Africa on a “new economic balance of scales and give African people the dignity they deserve.
“We must bring to an end Africa’s history of exploitation. Africa can best contribute to the world if we create good conditions of production.
“We cannot trade with the world if we do not produce goods. Therefore, Africa must industrialise,” he said.
Mutharika further said countries such as Russia must look to Africa as a production point of the world.
“We have sufficient land and mineral resources, water bodies and labour forces of 1.2 billion people.
“Our labour force shall be your labour force and our markets shall be your markets as one way for us to create jobs for all our people,” he said.
Mutharika told the over 40 Heads of State and Governments and other business gurus that Malawi’s vision is to move from being a consuming and importing nation, to a production and exporting country.
“Malawi is on the road to industrialisation. This is a strategy that Russia has tried and prevailed.
“In order to make Malawi a producing and exporting country, we focus on agriculture, industrialisation, energy, ICT infrastructure, mining, among other sectors,” he said.
He said the sectors are priority areas outlined in Malawi’s Growth and Development Strategy.
Mutharika, therefore, invited Russian institutions to finance the Malawi’s priority sectors to the benefit of both countries.
“Let us also invite Russian investors in Agriculture and agro-processing, ICT infrastructure, transport, energy, security, mining, financial services, tourism, education, health and manufacturing.
“Together we can go far together we can achieve more,” he said.
Speaking when he opened the summit on Wednesday, Putin pledged different forms of support to African countries.
He told the African leaders that, currently, Russia exports to Africa US$25 billion (over MK18 trillion) worth of food.
“This is more than what the country exports in arms which is US$15 billion [about MK11 trillion].
“In the next four to five years, we should be able to double this trade,” Putin said.
In addition to military and security cooperation with Africa, Putin pledged Russian commitment to combat the Ebola virus with aid, and increase the number of African students to Russian universities among other things.
President Mutharika is accompanied by Minister of Finance Joseph Mwanamvekha, Minister of Foreign affairs Francis Kasaila and Minister of Trade Salim Bagus.Follow and Subscribe Nyasa TV :
This old mans dementia has really taken hold. Why don’t you all thick African leaders go and gather in Kigali for some lessons from Kagame? We’ve got everything in Africa but brainy leadership.
Does this man, Mutharika, really believe what he says? The old man has forgotten that he lives in Malawi and not in cloud cuckoo land. How does he hope to industrialise Malawi when he cannot even supply electricity 24/7? He needs to stop wasting money on these foreign visits and concentrate on getting things done at home in Malawi.
Just to add to what Sir 99 says, which investor in his right frame of mind risk investing millions of dollars in a country where you have electrity every other day, if you are lucky? Does APM and his battalion of advisors seriously think Agreko is the best way to.meet electricity demand in the country?
What you should be asking Putin is investment in power generation to ensure a strong internal network so that you are able to export excess through an interconnector you have been talking about lately.
How can an investor come to invest in country where by other investors are quitting. APM and my fellows Malawians don’t cheat our selves that this trip will be productive. Just a reminder, Joyce Banda visited white house But what was the outcome of their meeting between her and Obama? Malawi’s economic environment is not conducive for investments. The first thing which an investor look and regard is minmum wage, and is minmum wage which determines GDP per capita of that particular country. Now our minimum wage is almost US$48, which is making nonsense to an investor. Improve salaries then… Read more »
APM, don’t blame history, it is you miserable greedy, corrupt, useless African leaders who have failed and are running your countries into banana Republics whilst you individually become billionaires through corruption and stealing from account number 1. Your generation has failed and you need to stop barking, barking, barking and barking some more for nothing! Stop expecting some foreign God to come and help you out. Build solid economies and make your countries attractive destinations for investment, no corruption and ensure there is adherence to the rule of law. In your case you have your party beating up the opposition,… Read more »
Russia will not help any country. When despotic leader of Zimbabwe quarelled with the West, he tried the East and failed miserably.
Africans would get the dignity they deserve if their leaders stopped exploiting them. If Russia invests in Malawi, it will create just another fund for corruption, embezzlement…and Malawians will not benefit.
I love the history of mankind. It has never failed any test.
Iwe, mbavaa no1, did you also not mention to mr Putin that how corrupt you and your fellow Dpp thugs are?, and that you will eat all the monies invested or given by Russia. You think Mr Putin doesn’t know that you are the illegitimate president n that you are rotten top to bottom. Chitsiru iwe. Just wait, soon you can give your bullshit lectures to inmates in zomba.
let alone he is quite on fighting [email protected] adressing to impress. lip service